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INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2456-4184 | Impact factor: 8.76 | ESTD Year: 2016 Scholarly open access journals, Peer-reviewed, and Refereed Journals, Impact factor 8.76 (Calculate by google scholar and Semantic Scholar | AI-Powered Research Tool) , Multidisciplinary, Monthly, Indexing in all major database & Metadata, Citation Generator, Digital Object Identifier(DOI) |
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| Paper Title: | An investigation on psychological determinate of rural household financial sustainability amidst prevailing socio-economic conditions in Malawi |
| Authors Name: | Hastings Kumwenda , Dr. N. Prakash |
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| Author Reg. ID: |
IJNRD_182290
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| Published Paper Id: | IJNRD2210047 |
| Published In: | Volume 7 Issue 10, October-2022 |
| DOI: | |
| Abstract: | Malawi is seeing a growing national economy and a rise in real household income, but the research that is currently available suggests that more families are having trouble in managing their money, particularly in the rural areas. Studies done in the past have looked into how socioeconomic factors affect financial sustainability. The psychological elements that may be connected to the financial sustainability of rural households have not received much attention in this line of research, nevertheless. Therefore, the aim of the present study was to fill the research gap by examining the effects of financial attitudes, financial behaviour, financial self-efficacy and financial literacy on rural households' financial sustainability. In order to achieve the determined objectives, the study was conducted and the distribution of questionnaire guides was carried out. Non-probability sampling was used to choose the sample, which resulted in 121 individuals. The acquired data were analysed with SPSSS and Excel 2016. The results of this study demonstrate that financial attitudes, financial behaviour, financial self-efficacy, and financial literacy have a significant impact on the financial sustainability of rural households. Thus, it may be inferred that the development of financial literacy may aid in the formation of positive financial behaviour, financial attitudes, and financial self-efficacy among rural households. The study recommends the need for individuals needs to have household savings and investment policies, proper income and expenses ratio and be transparent and accountable on family income issues. Furthermore, the local government should conduct financial awareness improvement initiatives on financial sustainability. Lastly, the government should launch campaigns to raise knowledge about the credit facility and execute initiatives to combat corruption among leaders. |
| Keywords: | Financial attitudes, financial behaviours, financial self-efficacy, financial literacy, financial sustainability |
| Cite Article: | "An investigation on psychological determinate of rural household financial sustainability amidst prevailing socio-economic conditions in Malawi", International Journal of Novel Research and Development (www.ijnrd.org), ISSN:2456-4184, Vol.7, Issue 10, page no.398-404, October-2022, Available :http://www.ijnrd.org/papers/IJNRD2210047.pdf |
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| ISSN: |
2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar| ESTD YEAR: 2016 An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator |
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Published Paper ID:IJNRD2210047 Registration ID: 182290 Published In: Volume 7 Issue 10, October-2022 DOI (Digital Object Identifier): Page No: 398-404 Country: Mangochi , Lilongwe, Malawi Research Area: Commerce Publisher : IJ Publication Published Paper URL : https://www.ijnrd.org/viewpaperforall?paper=IJNRD2210047 Published Paper PDF: https://www.ijnrd.org/papers/IJNRD2210047 |
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ISSN: 2456-4184
Impact Factor: 8.76 and ISSN APPROVED
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